Right now the Federal Reserve is keeping interest rates low (near 0%) because they are continually pumping more money into the economy trying to kick start it. Well, it hasn’t help much over the last 4 years and it looks like their own projections say that the national unemployment rate will remain high all the way into 2015. That is a full 2 more years of unemployment rates of 7% or higher!
The Fed’s plan is to artificially keep interest rates low until the unemployment rate goes below 6.5% and they think that won’t be until 2015 at the earliest. Of course a lot can go wrong between now and then as the world economy isn’t in the best shape so it could even be longer than that.
This is very scary news for anyone looking for a job and young people who are graduating college. What is it like to graduate in a time when jobs are so hard to find? No solid prospects and no relief in sight? Well for all the young people who voted for Obama, they are getting what they voted for so lets not hear any complaining!
Our government is running out of things to do to bring in money and the bureaucrats in Washington refuse to curb their spending addiction. The Obama Democrats want to try to solve the problem in their usual way: raise taxes on everyone who is working.
Something has to give sooner or later. Too many people are out of work and the nation’s debt is too high. Will our elected leaders ever grow up, bite the bullet, and make the right choices even though they are unpopular?